NEXIF ENERGY TO PROVIDE 154MW OF RELIABLE GAS GENERATION TO THE SOUTH AUSTRALIAN POWER GRID

Australia, 28 August 2019

Nexif Energy, backed by Denham Capital, and the State Government of South Australia have today signed an agreement to deliver 154MW of reliable gas generation, making the State’s electricity market more competitive and secure.

Nexif Energy will lease and relocate five gas turbine generating units owned by the State Government from their current site at the former Holden factory to a new permanent power station site at Outer Harbor. These units will be commercially operated by Nexif Energy as a fast start and flexible peaking power station through the term of a 25-year lease.

The new power station will be developed on a fast track basis and will involve conversion of the units from diesel to natural gas as the primary fuel. Site preparations and relocation, erection and commissioning of the five units will require a workforce of up to 70 people. Operation of the units at the new power station site is scheduled to commence from December 2020.

Nexif Energy is also working on plans to convert the units to combined cycle through the addition of a steam turbine so that the new power station could also operate as an efficient and flexible mid-merit power plant as early as 2022.

Nexif Founder and Co-Chief Executive Officer, Surender Singh said: “This will bring our operating portfolio in South Australia to 376MW and represents a step forward towards our vision of delivering clean, reliable power to South Australia.”

Denham Capital Managing Director, Saurabh Anand added: “Denham Capital is committed to delivering low-cost, clean power at the place and time of need. This agreement represents a significant milestone in our plans to invest in a portfolio of more than 1000MW of renewable and dispatchable generation projects in Australia and Asia by 2021.”

The initial 212MW stages of the company’s Lincoln Gap wind farm that is in operation and under construction totals 59 wind turbines and comprises a 10MW battery storage system capable of producing enough electricity to power approximately 155,000 households in South Australia once fully complete. The construction workforce has ranged from 110 to 140 people.

Nexif Energy was established in August 2015 by Nexif, a Singapore-based independent power management company, and Denham Capital, a leading energy and resources-focused global private equity firm with more than $9.7 billion of invested and committed capital across nine fund vehicles and offices in London, Boston, Houston and Perth. The company aims to develop, finance, construct and opportunistically acquire conventional and renewable power generation assets across Australia and South-East Asia. For more information visit www.nexifenergy.com